Trump wants $75 million in firing by condo owners in luxury Panama development


News from Panama / Monday, November 9th, 2015

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Donald Trump wants as much as $75 million from hundreds of condo owners in Panama City’s Trump Ocean Club. The Republican presidential candidate is alleging that they wrongfully fired his company managing the luxury building that is the tallest in Central America.

Trump alleges a criminal conspiracy to remove his company from its unpaid position as building administrator for the luxury property in Panama City. The Associated Press reported last month that the owners’ board of directors had accused Trump’s managers of repeatedly exceeding budgets, paying themselves bonuses without permission and improperly passing along costs from the building’s Trump-controlled hotel.

The businessman who led the owners to oust Trump is Gary Lundgren (LUND-grin). He says Trump mismanaged the condo association and ran up $2 million worth of debt.